Did you know that you have the potential to reap many financial rewards by getting tax deductions for donations of your spring cleaning discards? You read that right! If you are an individual that itemizes your yearly tax return, you are well aware of the fact that you have the ability to deduct what is considered the “market value” of the items that you elect to donate to a qualified charity. Now, combine that fact with your spring cleaning activities and you are sure to reap rewards! In many instances, you could actually receive up to a whopping $100 for each bag or box of unwanted, unneeded items that you pack up while spring cleaning! That is an amazing amount of money for old junk, right? The hard part of this task is to determine what the market value of your old, unwanted items amount to, right? In this guide, you will learn the secret technique used by people who, literally, make hundreds or thousands of dollars a year in tax deductions for spring cleaning donations.
Determining Fair Market Value
What is the market value of an old pair of jeans or that leather jacket that you only wore once? It is a lot more than many may actually think – that is for sure! According to the law governing the value of donated items, the charity that you donate to cannot, legally, make the determination of the value of the items that you elect to give. Yes, they will provide you with a receipt, but, that receipt is only to validate your donation. If you make a donation, you must determine the associated value of the items you donate. This is where the issue really comes into play. If you set the value too high, the Internal Revenue Service could audit you. You may even find yourself subjected to a number of penalties. If you under guess the market value, you could find that you are responsible for paying more on your taxes than is necessary. How do you get it right, then? That is actually easy. You purchase the book called, “Money for Your Used Clothing”. This donation value guide will give you all of the information that you want to know when it comes to market value of your clothing questions.
Wait, It Gets BETTER!
Not only does this book give you the exact market value of clothing and household items that are commonly donated to charities, it also provides values that conform to the requirements of the Internal Revenue Service as it relates to donations. The book also includes a guarantee. If the IRS ever responds to the values that you have listed for your spring cleaning donations and you retrieved those values from the book, the publisher will respond to the IRS for you, validating the value that you claimed on your spring cleaning donations. Furthermore, should you incur any fines or any sort of penalty as a result of the market value prices you observed in the book, the publisher will pay those fines! This is the true secret to getting all those tax deductions with your spring cleaning donations!